Notes to SEFA
Accounting Policies: NOTE A - BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the schedule) includes the
federal grant activity of the Authority under programs of the federal government for the
year ended September 30, 2024 and is presented on the accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because
the schedule presents only a se lected portion of the operations of the Housing Authority
of Bowling Green, Kentucky, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Housing Authority of Bowling Green,
Kentucky. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Any negative amounts shown on the schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years.
De Minimis Rate Used: N
Rate Explanation: NOTE C - INDIRECT COST RA TES
The Housing Authority of Bowling Green, Kentucky has not elected to use the 10 percent
de minimis indirect cost rate as allowed under the Uniform Guidance.